Former Citigroup CFO Ned Kelly tendered the resignation that
led to his ascension to vice chairman after learning the banking group had
brokered an agreement with regulators to replace him just four months after he
took on the role.
A Financial Times report in August citing confidential documents
suggested that, in June, the Federal Reserve, the Office of the Comptroller of
the Currency and the Federal Deposit Insurance Corporation put pressure on
Citigroup to replace Kelly.
In July, it appointed its controller and chief accounting officer John
Gerspach as CFO while Kelly was made vice chairman, working directly with CEO
Vikram Pandit on strategy and M&A.
Kelly’s promotion to Citigroup CFO in March this year from his role as head
of global banking at Citi Private Bank confused many given his lack of financial
management or accounting experience. He had served as managing director at
private equity firm Carlyle before joining Citigroup and had been a partner at a
law firm before moving out of practice and into business.
Kelly’s predecessor as CFO, Gary Crittenden, was made chairman of Citi
Holdings on Kelly’s appointment, but left in July to become managing director at
private equity group Gay Global Capital.
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